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Zorluk: KolayGeneral Journal (Journal Proper) and Opening Entries

Match each accounting transaction or event listed on the left with its correct entry treatment in the General Journal (Journal Proper) on the right.

  • Purchase of office furniture on creditDebit Office Furniture Account and Credit Supplier's Account
  • Recording opening business balances of assets and liabilitiesDebit Assets, Credit Liabilities, and Credit Capital for the difference
  • Writing off an irrecoverable debt (bad debt)Debit Bad Debts Account and Credit Customer's Account
  • Correcting an error where rent paid was posted to the rates accountDebit Rent Account and Credit Rates Account in the General Journal

Cevap

The correct matches pair fixed asset credit purchases with debiting Office Furniture and crediting Supplier; opening entries with debiting Assets, crediting Liabilities and Capital; writing off bad debts with debiting Bad Debts and crediting Customer; and error corrections with debiting Rent and crediting Rates.
The General Journal (Journal Proper) is used for transactions that do not fit into special day books. This includes purchasing fixed assets on credit, opening entries, writing off bad debts, and rectifying ledger errors.

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1
Identify the proper book of original entry for credit purchases of non-current assets
Credit purchases of non-current assets do not go to the Purchases Journal; they are entered in the General Journal by debiting Office Furniture Account and crediting Supplier's Account.
The Purchases Day Book is strictly reserved for goods bought for resale.
2
Determine the accounting structure for an opening journal entry
Assets are debited, Liabilities are credited, and the difference (Assets - Liabilities) is credited to Capital Account.
Opening entries establish the initial balances of a business in the ledger based on the accounting equation.
3
Apply the double entry rule for writing off bad debts
Debit Bad Debts Account and credit Customer's Personal Account via the General Journal.
This removes the irrecoverable balance from the customer's account and recognizes an expense.
4
Analyze error correction via the General Journal
Debit Rent Account (the account that should have been debited) and credit Rates Account (the account incorrectly debited).
The General Journal is the principal book used to record rectification of errors.

Anahtar Kavram

General Journal Uses and Opening Entries
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General Journal (Journal Proper) and Opening Entries

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